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Benzinga's M&A Chatter for Thursday February 21, 2013

Benzinga's M&A Chatter for Thursday February 21, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday February 21, 2013:

LINN Energy, LinnCo to Acquire Berry Petroleum for $4.3B in All-Stock Deal

The Deal:
LINN Energy (NASDAQ: LINE), LinnCo (NASDAQ: LNCO) and Berry Petroleum (NYSE: BRY) announced Thursday, the signing of a definitive merger agreement pursuant to which LINN and LinnCo will acquire all of Berry's outstanding shares for total consideration of $4.3 billion, including the assumption of debt.

Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry outstanding prior to the merger. The consideration to be received by Berry shareholders is valued at $46.2375 per Berry share based on LinnCo's closing price as of February 20, 2013. The transaction is expected to close by June 30, 2013.

Berry Petroleum closed at $46.05 Thursday, a gain of 19% on 19 times average volume.

Report KKR is Offering $75/Share for Gardner Denver

The Rumor:
KKR (NYSE: KKR) is said to be offering $75 per share to acquire Gardner Denver (NYSE: GDI), according to a report from Bloomberg. Gardner Denver was reported to be looking for final bids by today. A reported $4 billion deal with SPX (NYSE: SPW) fell apart in late December and interest in a deal has been said to be waning in recent weeks.

A KKR spokepserson was not able to confirm the report, saying the company does not comment on these matters.

Gardner Denver closed at $67.47 Thursday, but traded as high as $76.31 after-hours.

Hearing Compuware Exploring Sale

The Rumor:
Compuware (NASDAQ: CPWR) is reportedly exploring a sale, according to Reuters. The report mentions Blackstone Group (NYSE: BX) and TPG Capital as potential buyers.

Compuware's Board of Directors rejected an $11 per share bid from Elliott Management on January 25.

A Compuware spokesperson reiterated the January 25 statement that "the board will carefully review and evaluate any credible offer it receives."

Compuware closed at $11.81 Thursday, a gain of 1.5% on higher than average volume.

Analyst Note Names Columbia Sportswear a Takeover Target

The Analyst Note:
A note from Sterne Agee Thursday, Said Columbia Sportswear (NASDAQ: COLM) was a potential takeover chatter of PVH (NYSE: PVH) and VF Corp (NYSE: VFC).

A spokesperson for Columbia Sportswear declined comment on the note.

Columbia Sportswear closed at $56.99 Thursday, a gain of 6% on almost 3 times average volume.

Harris Teeter Said to Attract Interest from Stop & Shop Owner Ahold

The Rumor:
Harris Teeter (NYSE: HTSI) was reported Thursday to be getting the attention of Ahold, Dutch owner of the Stop & Shop supermarket chain, according to Bloomberg. The report says that Ahold has contacted Harris Teeter adviser JP Morgan, though there has been no formal bid.

Ahold was one of several potential buyers first mentioned on February 13, along with Kroger (NYSE: KR) and Publix.

Harris Teeter closed at $42.12 Thursday, gain of 1.5% on twice average volume.

Posted-In: Long Ideas News Short Ideas Rumors M&A Global After-Hours Center Movers


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